Starting FY2023-24, the new income tax regime was made the default tax regime. This means that taxpayers will have to opt out of the new tax regime, or manually choose the old tax regime for tax calculation purposes. If they dont do so, the new tax regime will automatically be considered for calculating their taxes. These are the existing income tax slabs under the new tax regime.
Upto Rs. 3,00,000—Nil
From Rs. 3,00,001 to Rs. 7,00,000—5%
From Rs. 7,00,001 to Rs. 10,00,000—10%
From Rs. 10,00,001 to Rs. 12,00,000—15%
From Rs. 12,00,001 to Rs. 15,00,000—20%
Above Rs. 15,00,000—30%
